Although two-time MVP LeBron James has been praised by supporters for taking less money in pursuit of winning championships, as this article from AOL News explains, he actually stands to save money by moving to Florida. Why? Because the state of Florida does not have a personal income tax.
James looks to make an estimated $17 million next season by signing with the Miami Heat. Factor in endorsement deals with companies including Nike, Sprint and McDonald's totaling approximately $40 million, and James may find himself saving an estimated $25 million in state taxes over the next five years in Miami. Compare this with New York, where even if James signed a contract with the Knicks for an additional $1.5 million, he would be required to pay almost $1.7 million in state taxes, all on top of the additional income tax taken out of his endorsements.